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Fixed Income Insights
Weekly Fixed Income Commentary: Treasury yields rise slightly, with all eyes on the coronavirus
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U.S. Treasury yields rose slightly last week, led by the short end of the yield curve. Yields were pushed higher over optimism about the containment of the coronavirus in China. Market expectations for Federal Reserve (Fed) rate cuts in 2020 continue to hover around 1.5 cuts, with the first rate reduction anticipated in September.
Policy and Regulatory Commentary
Economic Indicators Suggest President Trump's Reelection
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In testimony on Capitol Hill this week, Federal Reserve Chair Jerome Powell repeatedly praised the strength of the U.S. economy across multiple indicators. He pointed to an historically-low unemployment rate, rising wages, and continual, moderate overall growth. Powell has a notably turbulent relationship with President Donald Trump, but his assessment should have been music to the ears of top White House and Trump campaign officials (even if the president could not help live-Tweeting his criticism of Powell’s testimony). The economy, after all, is historically perhaps the most reliable presidential election indicator.
Fixed Income Insights
Treasury yields rise on global health optimism
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U.S. Treasury yields rose last week, led by 5-year maturities. Investors were optimistic over Chinese efforts to contain the coronavirus, along with stronger-than-expected U.S. economic data, pushing yields higher and prices down. Market expectations for Federal Reserve (Fed) rate cuts in 2020 fluctuated during the week, ending at approximately 1.5 cuts through the remainder of the year.
Fixed Income Insights
Weekly Fixed Income Commentary: Treasury yields rise on global health optimism
This piece is approved to use with clients.
U.S. Treasury yields rose last week, led by 5-year maturities. Investors were optimistic over Chinese efforts to contain the coronavirus, along with stronger-than-expected U.S. economic data, pushing yields higher and prices down.
Policy and Regulatory Commentary
The End of the Caucus?
So that didn’t go as planned. While politicos inside the Beltway and across the country were expecting to get our first real results in the Democratic presidential primary last night, problems with tallying the vote in Iowa have caused a significant delay in reporting the results. In a story posted yesterday, The Associated Press reported Iowa Democratic Party officials had promised that “an early issue with a mobile app designed to report results” would “not hinder the Iowa caucus process.”
Fixed Income Insights
Weekly Fixed Income Commentary: Coronavirus fears trigger a further drop in Treasury yields
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U.S. Treasury yields fell significantly last week, due to fears over the coronavirus outbreak in China. Longer maturities led the way and the yield curve flattened considerably.